STORY FROM: Reinsurance & Arbitration
2nd Cir. Certifies Reinsurance Limit of Liability Question to New York’s Highest Court
December 9, 2016
NEW YORK — A federal appeals court has asked New York’s highest court for guidance in a dispute over whether a per occurrence liability cap in a reinsurance contract limits the total reinsurance available under the contract to the amount of the cap, regardless of whether the underlying policy covers expenses, such as defense costs.
On Dec. 8, the 2nd Circuit U.S. Court of Appeals certified the question to the New York Court of Appeals, explaining that the issue is ultimately a determination to be made by New York.
Between 1971 and 1980, Century issued nine reinsurance certificates with Global. ...
Associated Law Firms
Chadbourne & Parke
Cooper Erving & Savage